Malaysia-focused fintech IOUPay’s partnership with Pine Labs is expected to provide more exposure to its myIOU BNPL platform.  A certification received from the PCI SSC will also give the IOUPay brand among merchants and payment brands. 

Malaysia focused fintech, IOUPay (ASX:IOU), says its subsidiary IOUPay Asia has signed a two year deal with Pine Labs, a leading commerce platform serving merchants across India and Southeast Asia.

The deal enables merchant clients of both companies to offer the myIOU Buy Now Pay Later (BNPL) services to the merchants’ customers on the Pine Labs platform.

The agreement will run for two years to May 2024, and has been structured to leverage on each other’s business capabilities.

Pine Labs will be required to connect its platform to the myIOU services, onboarding those merchants who have been approved by IOUPay via the POS terminals of Pine Labs.

Upon activation, Pine Labs will also ensure the myIOU logo and other branding materials are properly displayed at the respective merchants’ locations, and on their POS terminals.

Gwen Khor, IOUPay’s Head of Marketing, said: “We are really excited to be working together with Pine Labs, who as a group represent one of the leading merchant commerce platforms in India and Southeast Asia.”

“Opening up our myIOU BNPL service to the rapidly growing community of merchants operating on Pine Labs’ platform adds new payment options to drive sales growth for the merchants.

“It also provides our consumer customers with a greater range of shopping and purchase opportunities when using myIOU,” she added.

Pine Labs’ far reaching capabilities

Pine Labs serves prominent large, mid-sized and small merchants across India and Southeast Asia.

The company’s leading cloud-based software platform provides those merchants with a wide range of payment acceptance and merchant commerce solutions.

This includes enterprise automation systems such as inventory management, and customer relationship management.

Pine Labs’ platform has also been used to issue, process, and distribute digital gift cards for corporate customers around the world.

The Pine Labs Group parent company is incorporated in Singapore and is backed by investors such as Sequoia India, PayPal and Mastercard.

In April 2021, the Pine Labs Group acquired Fave, a consumer fintech platform that provides a smart payment app targeting consumers looking to pay and save. Fave is currently available in Singapore, Malaysia, and Indonesia.

Pine Labs has also partnered with many leading retailers in Malaysia, which include large global brands.

IOUPay believes that this partnership with Pine Labs will introduce the myIOU BNPL services to substantial new customer communities operating in the Pine Labs’ payment ecosystem, in addition to expanding the range of shopping and purchase options available to existing myIOU consumers.

Completion of the systems integration and testing is expected to be completed during the September quarter (Q1 FY23).

To comply with regulatory requirements, IOUpay Asia will have a direct contractual relationship with each merchant it approves.

This means IOUPay Asia will be performing its own Know Your Customer (KYC), as well as Anti-Money Laundering and Anti-Terrorist Financing (AML) verifications.

“We look forward to working closely with the team at Pine Labs to grow our business for mutual benefit,” Khor said.

IOUPay certified by PCI DDS

Meanwhile, IOUPay Asia has just been certified as being compliant with the Payment Card Industry Data Security Standard (PCI DSS) Version 3.2.1 (Level-1).

The PCI DDS was created by the PCI SSC (Security Standards Council), a body established in 2006 by the major payment card brands Visa, MasterCard, American Express, Discover and JCB.

The SSC’s mandate is to manage the evolution of the PCI security standards, with a focus on improving security throughout the transaction process.

PCI compliance is required to make sure merchants and service providers like IOUPay comply with the technical and operational standards, in order to secure and protect data provided by cardholders transmitted through card processing transactions.

An internationally recognised standard, PCI DSS compliance will ensure IOUPay’s systems operate with a high level of security so that customers can be confident their sensitive payment card information is being handled properly.

IOUPay says that getting this certification will build trust and confidence in the IOUpay brand, products and services, and improve its reputation with card acquirers and payment brands.

PCI compliance is also an ongoing process subject to continuous process review and annual audits, which IOUPay says will help improve the efficiency of its IT infrastructure.

Teck Huat Lau, IOUpay’s Chief Technology Officer, said: “This certification is an important milestone as it confirms and reinforces the company’s strong credentials in payment processing, customer identification, fraud protection and data security.”

This article was developed in collaboration with IOUpay, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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